Cleveland VA Loans
If you are a veteran looking to relocate to Cleveland, Ohio, you may not be aware of the VA Home Loan Guaranty Program. This Program was implemented by the VA in 1944 as a way to help military members and veterans become first time homeowners. Since that time, millions of veterans and their families have taken advantage of the program and made homeownership a reality. Here are just a few of the many wonderful benefits of a Cleveland VA Loan.
No Down Payment
The greatest feature of Cleveland VA Loans is that veterans are not required to supply a down payment on the property. Conventional loans typically require about 20% for a down payment, which can be very expensive if you’re looking to purchase a big family house. By not having to provide a down payment, even young veterans, new couples or families without money saved up will be able to afford their dream house.
Low Interest Rates
As a qualified veteran with a VA Loan, you will be able to take advantage of competitive interest rates. Even if rates are high when you apply for your loan, you will often be able to get one that is below the current mortgage market rate.
With a VA Loan you will not be required to pay private mortgage insurance (PMI), making your monthly payments even lower.
Most veterans don’t realize how easy it is to qualify for a VA Loan. The rules state that current military personnel must serve 181 days of regular active-duty service, or you must have served this time and been honorably discharged if you are no longer in the military. Then, all you need to do is submit an eligibility form with the VA. They will issue you a Certificate of Eligibility (COE) which is sometimes sent within just a few days.
How to get Started
To start taking advantage of all the VA Home Loan Guaranty Program has to offer, take a minute to get pre-qualified by filling out our secure online form. It only takes a minute and afterwards we will be happy to contact you and get you started today!